Specialized Consumer Strategies is a financial consulting firm that helps individuals understand how to approach credit and debt. Turning to credit for financial support is normal in many people’s lives. Credit takes many forms, and it allows you to purchase now and pay back later. With this in mind, it’s important to understand the various forms of credit and learn to manage it wisely.
Revolving credit
Revolving credit allows you to make different payments regularly. Often, these payments are dependent on how much you’ve used in a particular period, like a month. The payments made are subject to a set minimum payment, and you have the option to defer payments forward to the next month (which means more interest charges for the extra time). A common example of revolving credit is a credit card.
Installment loans
An installment loan requires you to make a fixed payment each month until you have settled the principal amount. The amount borrowed is paid back over a period of time, and interest is charged. Business loans, mortgage loans, and student loans are some examples of installment loans in the market.
Secured credit
Secured loans are tied to an asset, such as your house or vehicle. This form of credit is considered safe by lenders because if you default on payment, the lender can repossess the asset to cover the borrowed amount.
Specialized Consumer Strategies provides clients with information on how credit can benefit their lives and businesses.
Revolving credit
Revolving credit allows you to make different payments regularly. Often, these payments are dependent on how much you’ve used in a particular period, like a month. The payments made are subject to a set minimum payment, and you have the option to defer payments forward to the next month (which means more interest charges for the extra time). A common example of revolving credit is a credit card.
Installment loans
An installment loan requires you to make a fixed payment each month until you have settled the principal amount. The amount borrowed is paid back over a period of time, and interest is charged. Business loans, mortgage loans, and student loans are some examples of installment loans in the market.
Secured credit
Secured loans are tied to an asset, such as your house or vehicle. This form of credit is considered safe by lenders because if you default on payment, the lender can repossess the asset to cover the borrowed amount.
Specialized Consumer Strategies provides clients with information on how credit can benefit their lives and businesses.
